QXO, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QXO, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	34.1	34.9	36.1	38.5	41.2	41.7	45	54.5	56.9	6,842
Cost of revenue	21.4	21	22.2	23.8	24.6	24.5	27	32.9	33.9	5,270
Gross profit	12.7	13.9	13.9	14.7	16.6	17.2	18	21.6	23.1	1,573
Selling, general and administrative								22.1	93	1,395
Selling and marketing	4.36	4.85	6.31	6.84	7.37	6.72	7.75	8.85
General and administrative	6.37	7.35	7.98	8.77	8.27	9.4	9.47	10.2
Operating expenses	11.5	12.9	15	16.6	16.4	17.4	18.3	22.9	94.1	1,818
Operating income	1.27	0.94	-1.16	-1.91	0.22	-0.23	-0.39	-1.31	-71	-245
Interest expense						0.05	0.09	0.06	0.1	174
Interest income								0.02	122	126
Other non-operating income	-0.05	-0.03	-0.04	-0.02	-0	0.27	-0.09	-0.06	122	5.5
Pre-tax income	1.21	0.91	-1.2	-1.92	0.22	0.04	-0.47	-1.37	50.8	-337
Income tax	-2.22	1.39	-0.28	-0.46	0.05	0.18	-0.19	-0.3	22.8	-57.7
Income from continuing operations			-0.92	-1.47	0.18
Net income	3.44	-0.49	0.26	6.79	0.18	-0.13	-0.28	-1.07	28	-279
EBITDA	1.5	1.19	-0.83	-1.57	0.54	0.12	0	-0.48	-70.8	-137
EPS, basic	6.36	-0.90	0.49	12.31	0.33	-0.24	-0.41	-1.63	-0.11	-0.63
EPS, diluted	6.28	-0.90	0.49	12.31	0.33	-0.24	-0.41	-1.63	-0.11	-0.63
Shares, basic (weighted)	0.54	0.55	0.55	0.55	0.55	0.62	0.63	0.66	204	613
Shares, diluted (weighted)	0.55	0.55	0.55	0.55	0.55	0.62	0.63	0.66	204	613

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	1.62	2.24	1.9	8.66	6.6	6.81	8.01	6.14	5,069	2,362
Receivables	2.5	2.34	1.9	2.53	1.58	1.93	2.23	2.97	2.7	1,145
Inventory									0	1,497
Other current assets	0.33	0.4	0.43	0.46	0.4	1.69	1.57	2.68	18.4	84
Total current assets	4.92	5.4	4.89	13	8.63	10.7	13.7	11.8	5,090	5,546
Property, plant and equipment	0.47	0.57	0.69	0.71	0.52	0.64	0.71	0.5	0.4	689
Lease right-of-use assets			0	0.7	1.37	0.96	0.33	0.52	0.3	690
Goodwill	0.4	0.4	0.89	0.89	1.01	1.01	1.14	1.14	1.2	5,111
Intangible assets	2.43	2.64	2.92	2.61	3.13	3.49	4.27	4.92	4	3,819
Other non-current assets	0.03	0.04	0.04	0.19	0.2	0.19	0.19	0.17	0.2	32
Total assets	10.7	10.4	11.7	19	15.9	18	21.4	20.5	5,098	15,887
Accounts payable	1.82	2.09	2.03	2.21	1.88	2.04	3.27	4.56	6.2	819
Accrued liabilities	0.82	1.07	1.42	1.19	1.33	1.74	2.43	2.68	38.6	574
Deferred revenue	1.69	2.15	1.39	2.01	2.04	2.48	3.76	3.16	2.9
Short-term debt	0.31	0.26	0.15	0.41	0.55	0.4	0.78	0.7	2.9
Total current liabilities	5.11	5.85	6.23	8.66	6.73	7.39	10.8	11.5	45.1	1,550
Long-term debt	0.49	0.23	0.07	0.06	0.29	0.46	0.67	0.99	0	3,057
Lease liabilities			0	0.44	0.89	0.5	0.06	0.26	0.1	562
Other non-current liabilities									0	25
Total liabilities	5.69	6.19	7.41	10.1	8.62	8.64	11.9	13	45.4	6,180
Total debt	0.79	0.49	1.49	1.19	1.48	0.97	1.45	1.7	0	3,057
Paid-in capital	12.2	11.9	11.8	9.53	7.74	9.95	10.4	9.42	4,561	9,047
Retained earnings	-7.21	-7.69	-7.43	-0.64	-0.46	-0.59	-0.88	-1.95	-6.2	-395
Other comprehensive income									0	-2
Shareholders' equity			4.33	8.89	7.28	9.36	9.55	7.5	5,053	9,707
Total equity	4.97	4.23	4.33	8.89	7.28	9.36	9.55	7.47	5,053	9,707
Total liabilities and equity	10.7	10.4	11.7	19	15.9	18	21.4	20.5	5,098	15,887
Shares outstanding	0.55	0.55	0.55	0.55	0.55	0.63	0.64	0.66	409	675

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	3.44	-0.49	0.26	6.79	0.18	-0.13	-0.28	-1.07	28	-279
Depreciation and amortization	0.23	0.26	0.33	0.34	0.31	0.35	0.39	0.83	0.2	108
Stock-based compensation	0.04	0.1	0.07	0.02	0.01	0.44	0.18	0.04	34.4	145
Deferred income tax	-2.21	1.05	-0.28	-0.46	-0.16	0.05	-0.11	-0.34	-1.2	-61
Change in receivables	-0.02	0.12	0.06	-0.61	0.98	-0.3	-0.47	0.1	0.2	160
Change in inventory									0	288
Change in payables	0.23	0.27	-0.07	0.18	-0.34	0.16	1.23	1.29	1.63	-326
Cash from operations	1.79	2.31	1.29	-0.9	1.73	0.23	2.04	0.58	84.8	261
Capital expenditures	-0.18	-0.24	-0.15	-0.07	-0.12	-0.11	-0.04	-0.12	-0.1	-78.2
Acquisitions	0	0	-0.3	-0.06	-0.19	-0.65	-0.15	-0.28	0	-10,557
Cash from investing	-0.5	-0.82	-1.06	8.15	0.84	-0.51	-0.19	-0.4	-0.1	-10,630
Debt repaid	-0.3	-0.31	-0.21	-0.21	-0.01	-0.21	-0.32	-0.78	-1.7
Stock issued									0	18.9
Share buybacks		0	-0	0
Dividends paid	-0.26	-0.36	0	-0.23	-4.05	-3.08	0	-1.05	-17.4	0
Cash from financing	-0.87	-0.88	-0.57	-0.87	-4.63	0.5	-0.66	-2.05	4,981	7,663
Exchange rate effect									0	-0.5
Net change in cash	0.43	0.61	-0.33	6.76	-2.06	0.22	1.19	-1.87	5,066	-2,707
Free cash flow	1.61	2.07	1.15	-0.97	1.6	0.11	2	0.46	84.7	183
Interest paid	0.06	0.03	0.04	0.04	0.04	0.05	0.04	0.06	0.1	138
Income taxes paid	0.1	0.34	0.22	1.91	0.04	0.38	0.09	0.3	0	38.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.0%	Gross profit / revenue.
Operating margin	-3.4%	Operating income / revenue.
EBITDA margin	-1.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.8%	Pre-tax income / revenue.
Net margin	-5.2%	Net income / revenue.
FCF margin	1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.6%	Cash from operations / revenue.
Return on equity (ROE)	-4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.3%	Net income / average total assets.
Return on invested capital (ROIC)	-2.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	20.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11,925.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	433.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	178.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6,708.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	344.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	148.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-1,098.0%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	208.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	404.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	172.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	116.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	350.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	157.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	92.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	905.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	321.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	211.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	804.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	298.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	200.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	888.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	306.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.11x	Current assets / current liabilities.
Quick ratio	1.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.10x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	45.6%	Total liabilities / total assets.
Net debt	$3.26B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.39x	Operating income / interest expense.
Working capital	$7.83B	Current assets - current liabilities.
Goodwill and intangibles / assets	46.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$235.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	12.0x	Revenue / average property, plant and equipment.
Inventory turnover	3.63x	Cost of revenue / average inventory.
Days inventory	101 days	365 x average inventory / cost of revenue.
Receivables turnover	5.55x	Revenue / average receivables.
Days sales outstanding	66 days	365 x average receivables / revenue.
Days payables	73 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	93 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	44.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.90	Revenue / diluted weighted shares.
FCF per share	$0.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.33	Cash from operations / diluted weighted shares.
Book value per share	$14.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.32	Tangible book value / shares outstanding.
Cash per share	$3.82	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$12.90B	Share price x shares outstanding.
Enterprise value	$16.15B	Market cap + total debt - cash - short-term investments.
P/S	1.30x	Market cap / revenue.
P/B	1.24x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	91.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	50.9x	Market cap / cash from operations, when positive.
EV/Sales	1.63x	Enterprise value / revenue.
EV/FCF	114x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.1%	Free cash flow / market cap.
Earnings yield	-4.0%	Net income / market cap (the inverse of P/E).

What was QXO, Inc.'s revenue in fiscal 2025?

QXO, Inc. reported revenue of $6.84B for fiscal 2025, 11,925% higher than the year before.

Was QXO, Inc. profitable in fiscal 2025?

No. It reported a net loss of $279.4M.

How much free cash flow did QXO, Inc. generate in fiscal 2025?

Cash from operations of $261.4M minus capital expenditures of $78.2M left free cash flow of $183.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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